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Jun 22 - 03:55 AM

GBP/USD - Dips Towards 1.22 As UK CPI Matches 9.1% F/C

By Rob Howard  —  Jun 22 - 02:30 AM
  • Cable dips to 1.2216 (two-day low) after UK May CPI matches 9.1% YY forecast

  • See: nL8N2Y917G. 1.2227 was pre-UK CPI data low, courtesy of risk aversion

  • European/U.S. stock futures negative (GBP is risk-sensitive) nL1N2Y9088

  • UK May core CPI 5.9% vs 6.0% f/c. Boost for opponents of 50 bps Aug BoE hike

  • 1.2200 and 1.2174 (last Friday's low) are GBP/USD support points

  • Upside down world of 'reverse currency wars' is real nL8N2Y74K0

Source:
Refinitiv IFR Research/Market Commentary

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